FUND YOUR RETIREMENT BY CUTTING YOUR CABLE AND CELL PHONE BILL
Do you think you could save $5,000.00 a year just by cutting your cable, your phone bill and your utilities? Well, we did – and it’s the perfect way to help you pay off debt, save money or fund your retirement as well.
Today we talk about the third strategy to find $100.00 in your monthly budget. We think you can find much more than that – but we also acknowledge that sometimes you need to just begin and so, we wanted to make a fairly achievable goal to get you started.
For a long while we were reluctant to “cut the cord.” We are a sports family and also one of our guilty pleasures is watching reality TV shows, like Survivor (#SuperFans – don’t judge). But seeing that $250.00 cable bill every month began to hurt more and more. So, we decided to go ahead and try cutting it as an experiment. We figured that if we really missed cable, we could always have it turned back on.
CUTTING OUR CABLE SAVED US $1824.00 A YEAR!
The first thing we did was shop around for the cheapest and most reliable internet for our family needs. We would be streaming quite a bit and both Curtis and my oldest son are into several online video games. We ended up switching providers and getting the amount of internet we needed for $50.00 a month.
We also subscribe to Hulu Live and Netflix. I already had Amazon Prime as well. With the three of these combined, we have not missed out on T.V at all. If anything, we have found show that we would not have otherwise and have really enjoyed them. We have no plans to return to cable. The overall savings has been $152.00 a month. That’s an annual savings of $1824.00!
REDUCING OUR CELL PHONE BILL
SAVED US $2500 A YEAR!
Our cell phone bill is atrocious. We have been loyal to our carrier for years due to needing consistent and reliable service, especially for me as I travel through the California and Arizona desert regularly. We could probably save quite a bit if we would switch carriers. We did try another carrier and instantly regretted it.
We have, however, found ways to reduce our bill while keeping our current carrier. We paid off all of our phones and have not upgraded. Our phones work great and we do not need the newest sparkliest version every year. We also cancelled the data for our iPads and paid off our iPads. We got caught by the sales pitch of getting 2 new iPads – not realizing they were not really “free” – we would pay for them every month and not only that pay for their data plan as well. I would encourage you to evaluate your bill and see what extra expenses you are incurring and see if they are costs that can be removed or decreased.
And if all else fails – negotiate! Call your carrier and see what they can do to keep you as a customer. It never hurts to ask. The worst they can say is no.
We reduced our monthly cell phone bill by $205.00 over the course of a year. That is almost a $2500.00 savings a year.
Finally, be conscious of your energy and fuel costs. We pay attention to the hours of the day we are using electricity. We have become sticklers for when we choose to use the air conditioning and grill when we can instead of using our appliances.
The same is true for your water bill. Can you use drought resistant landscape? Are you able to cut back the days/times you water? Or turn-off zones of water as well. Not only will you save on your water bill – but it is good for drought prone areas.
IMAGINE WHAT AN EXTRA $4,000 – $5,000
COULD DO TO HELP FUND YOUR RETIREMENT
Imagine what you could do with an extra $4,000.00 or $5,000.00 back into your budget. You could fund your IRA accounts. Pay off debt. Each cut by itself may not lead to big savings but I remind you that small incremental gains, when compounded over time, lead to BIG results. It all add up.
Let us know what cuts you were able to make and where you are in your challenge tally so far. We’d love to hear it! Hop on over to our Facebook group and share it with our House of FI Family.
It is a NO NONSENSE format designed to take you step-by-step through your finances and build a solid money foundation so that you can reach your money goals.